Pour milk evenly over bread in large bowl; stir gently.
Let stand 5 min.; set aside. Beat eggs lightly in medium bowl.
Add 1/2 cup of the sugar, the raisins, almonds, cinnamon, vanilla and salt; mix until well blended.
Pour over bread; mix lightly. Spoon into greased 9-inch square baking pan.
Bake 40 to 45 min. or until center is set and edges begin to pull away from sides of pan. Cool.
Meanwhile, drain peach slices, reserving 1/4 cup of the juice; set aside. Beat cream cheese with the reserved peach juice, remaining 2 Tbsp. sugar and the nutmeg with wire whisk until well blended.
Spread evenly over warm bread pudding; top with peach slices.
Serve warm or chilled. Cover and refrigerate leftover bread pudding.